InnoVest Resource Management's Foreclosure Forum

Discussion Board Foreclosure Training Title Holding Trust Speaking Schedule Foreclosure Codes 50 State Foreclosure Basics 60+ Yrs Interest Rates News & Trends FAQ Dingbat Retirement Plan Links Contact / Map Home

[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Making Junior Bene Buyout Offers to Government Agencies? Posted by Rick on September 09, 2001 at 2:58 PM Previously I posted a question about pursuing junior trust deeds that were held by institutional lenders. I was encouraged to pursue those deals and as a result I have found that some large finance companies are interested in taking offers for their junior notes. Now I have another related question. Recently, I was tracking a junior TD that was assigned over to the U.S. Dept. of Housing and Urban Development (HUD). I spoke with a the HUD representative in the Financial Operations Dept. at the main office in Albany, N.Y. She told me that HUD doesn't sell trust deeds and if they did it would be for the full value of the note. However, she went on to say that if I wanted to make an offer, I could put together a proposal, which must include a formal appraisal of the FMV from a real estate appraisor, a copy of the title report on the subject property, a detailed description of why I want to buy the note, and evidence that the first is in fact in foreclosure. She said that I could send the proposal to their Financial Operations Dept. and see what happens. What do you make of this? Would it be worth approaching a government agency such as HUD to make a offer? Or would I be barking up the wrong tree? Rick Follow Ups: Re: A niche will make you rich. Ward-CA- 5:33 PM, 09/09/01 (0) Post a Followup: Name : E-Mail : Subject : Comments: : Previously I posted a question about pursuing junior trust deeds that were held by institutional lenders. I was encouraged to pursue those deals and as a result I have found that some large finance companies are interested in taking offers for their junior notes. : Now I have another related question. Recently, I was tracking a junior TD that was assigned over to the U.S. Dept. of Housing and Urban Development (HUD). I spoke with a the HUD representative in the Financial Operations Dept. at the main office in Albany, N.Y. She told me that HUD doesn't sell trust deeds and if they did it would be for the full value of the note. However, she went on to say that if I wanted to make an offer, I could put together a proposal, which must include a formal appraisal of the FMV from a real estate appraisor, a copy of the title report on the subject property, a detailed description of why I want to buy the note, and evidence that the first is in fact in foreclosure. She said that I could send the proposal to their Financial Operations Dept. and see what happens. : What do you make of this? Would it be worth approaching a government agency such as HUD to make a offer? Or would I be barking up the wrong tree? : : Rick Optional Link URL: Link Title: Optional Image URL: [ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] WWWAdmin 2.0a © 1997 Matt Wright and DBasics Software Company, All Rights Reserved

Copyright © 1997-2001, InnoVest Resource Management

InnoVest Resource Management, 4569-A Mission Gorge Place, San Diego CA 92120-4112
(619) 283-5444, Fax (619) 283-5455